The outlook for gas remains tight, according to the report, despite ambitious plans to tap unconventional resources. Business Monitor International holds that rising consumption and faltering supplies may see the Kingdom seriously consider imports.

The report additionally forecast that Saudi oil reserves will rise to as much as 273 billion bbls by 2017, but will fall to 265 billion by the end of 2023. In early 2013, Saudi Aramco officials outlined plans to add 160 billion bbls in additional reserves in the coming years.

The view of Business Monitor International is that crude oil and lease condensates production will remain at current levels throughout 2014. This will see production of approximately 9.78 billion bpd for 2014, a 1 percent increase on 2013 production, but lower than the record production year of 2012.

2015 oil production is set for a slight decline, at approximately 9.8 million bd. This is based on the same trends as for 2014.